The State Insurance Bank (Banco de Seguros del Estado-BSE), launched early in 1912 by a bond issue, was granted a monopoly on all insurance in 1919; however, private insurance companies were allowed to continue issuing life, fire, and marine insurance if they had been in business prior to creation of the state bank. An October 1993 law demonopolized the insurance industry, allowing an individual to purchase insurance with the company of his or her choice, as well as allowing Brazilian, UK, and Spanish companies among others to participate in the market. The Banco de Seguros des Estado remains, however, the only company permitted to insure occupational and health hazard.
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